Incoterms®, a contraction of the English term “International Commercial Terms,” constitute a codified set of standard contractual provisions relating to the transport of goods. Defined by the International Chamber of Commerce (ICC), Incoterms® are revised every 10 years to reflect changes in international trade practices. These standard rules codify the terms of delivery of goods within the framework of a sales contract. More specifically, Incoterms® allow for determining the mutual obligations of the seller and the buyer, the allocation of transport costs, as well as the place of delivery, which represents the point at which risks are transferred from the seller to the buyer.